Biggest biofuel producer in US pledges carbon neutrality by 2050

The largest biofuel manufacturer in the U.S., POET, announced a new goal this week of reaching carbon neutrality by the year 2050.

The company said in a sustainability report that it has a number of benchmarks it aims to meet toward that objective, including reducing the carbon intensity of bioethanol by 70 percent and investing in technology to advance low-carbon bioproducts.

The company also said it would aim to advance policies that support these goals.

“Sustainability has always been at POET’s core. We recognize that our planet urgently needs bolder solutions and better results if we hope to restore harmony between human and nature and sustain Earth’s fragile balance for future generations,” founder and CEO Jeff Broin said in a press release.

“Now more than ever, it is critical that we embrace the bioeconomy, significantly reduce our dependence on fossil fuels, and harvest our energy from the surface of the Earth,” he added.

Carbon neutrality differs from zero emissions as companies that commit to neutrality aim to offset their carbon footprint by attempting to remove the same amount of CO2 from the atmosphere that they contribute. Many companies do this by buying carbon offset credits that go toward sustainability projects.

In its report, POET claimed to be the fastest-growing renewable CO2 business in the U.S. The company said it would “consider” numerous ways of reducing carbon emissions including investing in solar power as well as technologies to capture and store CO2.

This announcement from POET comes as President Biden recently expressed confidence that his administration would be successful in reaching his climate goals.

“We’ve set a goal and the goal is achievable and I promise you, I promise you, it’s going to create great economic growth, reduce inflation, and put people in a place where those beautiful children in the back are never going to have worry about what we’re worrying about right now,” Biden said Tuesday.